The North American Securities Administrators Association (NASAA) says that although it urges caution about any popular and unregulated investments, those involving cryptocurrencies and other digital assets are among those most concerned.
The stories of “crypto millionaires” attracted some investors to try their hand at investing in cryptocurrencies or crypto-related investments. [in 2021] And with them, many stories of big bets and big losers began to emerge, and they will continue to appear in 2022,” said Joseph P., co-chair of NASA’s Enforcement Section Committee. Borg said.
Borg said private offerings, which are outside the framework of securities regulators, are generally high-risk and do not have the same level of investor protection as those sold through public markets.
While many Canadian investors have gotten into cryptocurrency investing through the world-leading range of crypto ETFs available, these are certainly regulated along with other exchange-traded funds.
But for unregulated offerings, the deputy chairman of NASAA’s Enforcement Section committee, Joseph Rotunda, is in the clear.